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Dec 7, 2012
12/12
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as soon as the holidays end, we're most likely going to go over the fiscal cliff. something that could absolutely crush the consumer. all of which means it's a very confusing moment. we want to stick with best of breed that can come bouncing back whenever our leaders reach a deal. companies like ascena retail group, asna. the apparel artist formerly known as dress barn. we've been fans because they have a terrific model. own multiple niche brands, maurice's for 20-something women, dress barn, appeals to a more middle aged demo, and charming shops, giving them two successful plus-sized chains. i believe in this deal because they have a terrific record of making transitions work. the stock got slammed today, falling 4.3%. they delivered a four-cent earnings beat, revenues were in line, but still rose 48% year-over-year. and they reaffirmed their guidance for 2013, numbers slightly less than what some on wall street were expecting. what happened here, i think, is the stock ran 35% for the year. expectations got so elevated that for some, well, they say they were disap
as soon as the holidays end, we're most likely going to go over the fiscal cliff. something that could absolutely crush the consumer. all of which means it's a very confusing moment. we want to stick with best of breed that can come bouncing back whenever our leaders reach a deal. companies like ascena retail group, asna. the apparel artist formerly known as dress barn. we've been fans because they have a terrific model. own multiple niche brands, maurice's for 20-something women, dress barn,...
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Dec 13, 2012
12/12
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fiscal cliff? can't we call it something else? >> dana: sure. >> eric: monetary -- >> greg: liberal fantasy. >> bob: one more thing on the table. can obama sell cuts in entitlements to his senate? >> dana: not acarding to harry reid. >> eric: leave it there. we'll stay on it. don't go away. more on developing news washington, including ambassador susan rice. we'll get on that when we come back. ♪ ♪ ♪ [ male announcer ] this is karen and jeremiah. they don't know it yet, but they're gonna fall in love, get married, have a couple of kids, children laughing ] move to the country, d live a long, happy life together where they almost never fight about money. [ dog barks ] because right after they get married, they'll find some retirement people who are paid on salary, not commission. they'll get straightforward guidance and be able to focus on other things, like each other, which isn't rocket science. it's just common sense. from td ameritrade. often comes with a set of equally impressive instructions ? shouldn't something that's
fiscal cliff? can't we call it something else? >> dana: sure. >> eric: monetary -- >> greg: liberal fantasy. >> bob: one more thing on the table. can obama sell cuts in entitlements to his senate? >> dana: not acarding to harry reid. >> eric: leave it there. we'll stay on it. don't go away. more on developing news washington, including ambassador susan rice. we'll get on that when we come back. ♪ ♪ ♪ [ male announcer ] this is karen and jeremiah. they...
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Dec 10, 2012
12/12
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FBC
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something we were talking a lot about and stopped because the fiscal cliff insanity. that is. >> europe. europe has the potential to unravel this is not a decade-long agenda, this is actually within a year maybe, i don't know. it has the possibility of breaking apart, having a severe recession that will impact the u.s. economy and that made all this momentum that we are hopefully starting to see in the u.s. economy. liz: are we wasting too much time on fiscal cliff discussion and the potential effect on our money, should we not be focusing on these other issues and somehow bulletproof our investments as it pertains to each one of these concerns. we talk about doubling up. >> we should make pay more attention to europe. the attention we're paying to the fiscal cliff is not actually productive. in fact, it is leading to polarization of positions that have to be negotiated in private, and the lesson here from washington, the better i like the fiscal cliff. liz: the talks were secret today. >> might notice the financial markets are not actually very volatile in response t
something we were talking a lot about and stopped because the fiscal cliff insanity. that is. >> europe. europe has the potential to unravel this is not a decade-long agenda, this is actually within a year maybe, i don't know. it has the possibility of breaking apart, having a severe recession that will impact the u.s. economy and that made all this momentum that we are hopefully starting to see in the u.s. economy. liz: are we wasting too much time on fiscal cliff discussion and the...
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Dec 10, 2012
12/12
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whether it's the fiscal cliff, the fed meeting. what are the proceed right now? >> we've got bob from s&p capital iq. steven wood and gordon shallop. great to have you all on the show. you normally get the priority of speaking first. what are you doing right now? >> right now we're anticipating for volatility. we knew it was going to be a volatile fourth quarter. there's a lot of policy induced volatility. that said, the economy in the united states has not changed that much. it's grinding along. that recovery we've been talking about for a long time. so it's measurably positive, not robustly positive. that's kind of doing battle with just about offsetting some of the policy risk. >> the fear is all that changes if we go over the cliff. >> it would. right now the forecast is there's some compromise. there's a short-term compromise. they buy time. and they use that to get the silhouette of a grand bargain. if they use the time well, the markets could like that. if we do go off the cliff, that's 8% of gdp. >> what's your expectation, bob? >> we put out a research s
whether it's the fiscal cliff, the fed meeting. what are the proceed right now? >> we've got bob from s&p capital iq. steven wood and gordon shallop. great to have you all on the show. you normally get the priority of speaking first. what are you doing right now? >> right now we're anticipating for volatility. we knew it was going to be a volatile fourth quarter. there's a lot of policy induced volatility. that said, the economy in the united states has not changed that much....
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Dec 11, 2012
12/12
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>> the whole country is truly concerned about the fiscal cliff, that is obvious. everybody is sitting back and waiting to see if washington can actually get something done. if political agendas can get it aside and think about the devastation that probably occurred with the fiscal cliff. the spring selling season begins in late january. we have been the bright spot in the economy. our industry are creating jobs, we're coming back in the early stages of a recovery so the fiscal cliff january 1 would have a huge impact on the country, and impact on our business, and we have our fingers crossed and are very hopeful washington can get something done and we'll have to see. but if they don't, there is no question there will be a little bit of time until things settle down when the buyers will hit the sidelines. liz: will it derail the tentative recovery here? >> right now we are three weeks away from this fiscal cliff date and we're still selling houses. i don't think it derails it, but there could be a pause until things get worked out. liz: part of it is being discuss
>> the whole country is truly concerned about the fiscal cliff, that is obvious. everybody is sitting back and waiting to see if washington can actually get something done. if political agendas can get it aside and think about the devastation that probably occurred with the fiscal cliff. the spring selling season begins in late january. we have been the bright spot in the economy. our industry are creating jobs, we're coming back in the early stages of a recovery so the fiscal cliff...
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Dec 10, 2012
12/12
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CNN
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let me ask you, jessica, the fiscal cliff is something we have been talked about each and every day here on cnn, the president met with the speaker of the house and am i correct, has it been about a year since the two of them had a one on one face to face, so what are we learning detailwise from the meeting? >> the bottom line is the status appears to remain at stalemate. the white house is expressing the view that the president believes it is still possible to get to a deal, but they want to hear more -- they want to hear specifics from republicans on revenue and they have not heard that. that's what the white house was saying before the deal -- before the meeting last friday they were saying this. the speaker's office is saying they still want to hear from the white house on more details on spending cuts, also that is what the speaker's office was saying before the meeting last friday. so the message today is exactly what it was last friday. the meeting happened yesterday. on sunday. so we are where we were. does that mean that nothing happened in the meeting? no, there could have been
let me ask you, jessica, the fiscal cliff is something we have been talked about each and every day here on cnn, the president met with the speaker of the house and am i correct, has it been about a year since the two of them had a one on one face to face, so what are we learning detailwise from the meeting? >> the bottom line is the status appears to remain at stalemate. the white house is expressing the view that the president believes it is still possible to get to a deal, but they...
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Dec 10, 2012
12/12
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the fiscal cliff is something that we need to go over, that way we can enhance our military to special forces and get us some better weaponry. lose the people who are vacationing in all of these foreign countries, limiting the military to doing what it absolutely has to do. host: you are probably the fourth person here who has said we should go over the cliff. the headline from november in "the financial times" was that the fall in consumption would be $200 billion if we go over the cliff. that the u.s. consumer is crucial to growth, they went on to say, because it made up 70% of gdp. some are predicting a recession, a downgrade of our rating for the country. you think it would be ok to go over the cliff? caller: put it this way. only in the last 2000 years of human existence, every time a country goes above 20% tax rate, they failed. rome, babylon. go throughout human history. we are saying it is a 50% tax rate now. what about an 80% tax rate? we cannot survive as a government entity by having so many man hires attached to the host. host: another item attached to the table for debate
the fiscal cliff is something that we need to go over, that way we can enhance our military to special forces and get us some better weaponry. lose the people who are vacationing in all of these foreign countries, limiting the military to doing what it absolutely has to do. host: you are probably the fourth person here who has said we should go over the cliff. the headline from november in "the financial times" was that the fall in consumption would be $200 billion if we go over the...
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Dec 5, 2012
12/12
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. >>> with the fiscal cliff looming less than a month away you might think certainly sectors would be getting hammered right now. not the obvious ones like defense. given the defense budget will be cut dramatically if our leaders don't reach a compromise, take retail. if we go over the cliff, something i've been telling you as of this week, more likely by the day, not less, that will deal a huge blow it purchasing power of most americans. think about it. tax rates go up. >> boo. >> the payroll tax holiday goes away. [ buzzer ] unemployment benefits expire for most people -- [ baby crying ] and that's is not even accounting for the layoffs. that's just being cautious. put it together, unless we get a deal, which won't be bad news for the single biggest consumer play out there, which is retail. so even though we're having a real good holiday shopping season that we're seeing so far. pbh told us that. you expect retail to be in trouble. once the holidays ends, things can get a whole lot worse. not just the fiscal cliff. two weeks ago aggregate retail sales that showed a 3% decline. last
. >>> with the fiscal cliff looming less than a month away you might think certainly sectors would be getting hammered right now. not the obvious ones like defense. given the defense budget will be cut dramatically if our leaders don't reach a compromise, take retail. if we go over the cliff, something i've been telling you as of this week, more likely by the day, not less, that will deal a huge blow it purchasing power of most americans. think about it. tax rates go up. >> boo....
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Dec 11, 2012
12/12
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for food, for family, and now, something extra -- for you. >>> everybody is waiting for the fiscal cliff. i went down to the capitol this morning to see how things are progressing. i got more negative when harry reid said it is unlikely that a deal will be done by christmas. i'm thrilled to have senator john hovan, a republican from north dakota who has been an advocate here with us tonight. welcome back to "mad money." >> jim, good to be with you. >> i noticed that you are for a bipartisan situation and one of the things that tells me that you are for real is that you have not signed a pledge that would make it so that you cannot vote for a tax increase. it should be a big deal on the order of four trillion dollar over ten years. get growth in our economy and the kind of deal that inincludes tax reform and better spending control. >> when you were governor of your state you previded over what i think is the single greatest employment boom. is washington so different that you wish you were back home? >> you have been out to north dakota, but you are right. the fundamentals don't change.
for food, for family, and now, something extra -- for you. >>> everybody is waiting for the fiscal cliff. i went down to the capitol this morning to see how things are progressing. i got more negative when harry reid said it is unlikely that a deal will be done by christmas. i'm thrilled to have senator john hovan, a republican from north dakota who has been an advocate here with us tonight. welcome back to "mad money." >> jim, good to be with you. >> i noticed...
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Dec 5, 2012
12/12
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. >>> talks between the white house and republicans over the fiscal cliff have ran to something of a holt. john boehner dealing with division in the gop's ranks to his bung budget plan. another shanghai surprise. china's mainland market surge nearly 3%. more austerity. plus, austerity measures are hitting european consumers. retail sales in october fall much more than expected. september also revised sharply to the downside. >>> it was a flat day really for european stocks, slightly negative for u.s. stocks yesterday. we are a little bit higher. the dow is currently some 43 points above fair value. the nasdaq is around four points above fair value. the s&p 500 at the moment is around about four points above fair value. european stocks are up half a percent earlier. we have come off those highs. eurozone pmis a little bit better than expected. but still deeply in contraction territory. uk services pmis dipped weaker than expected. the ftse up a quarter a percent. the ibex up around .2. also dragged down by disappointing retail sales. that's where we stand right now ahead of the u.s. o
. >>> talks between the white house and republicans over the fiscal cliff have ran to something of a holt. john boehner dealing with division in the gop's ranks to his bung budget plan. another shanghai surprise. china's mainland market surge nearly 3%. more austerity. plus, austerity measures are hitting european consumers. retail sales in october fall much more than expected. september also revised sharply to the downside. >>> it was a flat day really for european stocks,...
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Dec 11, 2012
12/12
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and almost no one is paying attention to ias we focus on the fiscal cliff and what will be an agreement, ifs reached, at'll amou to something in the neighborhood of a couple trillion dollars >> and the forced union states are lookg for tte feral vernment to bail them out. but more important than that, the dems, the decrats don't want to lose the forced union states -- lou: well, i'm not talking about the fored union states now, i'm talking about every state in the union. and theact is that we're talking about unfunded ppnsion liabilities of $4 trillion, mallory. and -- >> but much worse in t forced unions. lou: excuse me, if i may finish. >> i'm sorry. lou: $4 trilliothat no one is paying attention to, how will it be resolved? >> it's tough to resolve, but it's much worse. e point i was trying to make is it' much worse the forced uniin states, much worse. it's almost double. that's one of the issues. we're going to have a big problem resolving that. it's going to be a major proem with services that are absolutely necessary not being able to ke up because of all these pensns that are nde
and almost no one is paying attention to ias we focus on the fiscal cliff and what will be an agreement, ifs reached, at'll amou to something in the neighborhood of a couple trillion dollars >> and the forced union states are lookg for tte feral vernment to bail them out. but more important than that, the dems, the decrats don't want to lose the forced union states -- lou: well, i'm not talking about the fored union states now, i'm talking about every state in the union. and theact is...
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Dec 13, 2012
12/12
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if we go over a fiscal cliff doesn't that push them into action early january to do something? >> you're absolutely right. if we go off the cliff for even a few days the markets will have a fit, and i think that's probably enough to bring them back and figure this out fairly quickly. >> since you said the markets will have a fit, because i feel like the markets will have a fit if we don't have a deal by the end of next year. dan, what's your take on that? will we see a major selloff in stocks if there's no deal at the end of next week? >> i don't know if it's next week necessarily, but i can say more generally -- >> next week or the next week, right? we're 18 days away. >> certainly running out of time. >> right. >> i don't know if the selloff begins next week or the week after that, but i think certainly, you know, one thing that we can say is that tax rates are going up, and with respect to the capital gains tax rate we have two other instances in modern history in which the capital gains tax was increased, and in both snare quotes december in which it owe cured the capital g
if we go over a fiscal cliff doesn't that push them into action early january to do something? >> you're absolutely right. if we go off the cliff for even a few days the markets will have a fit, and i think that's probably enough to bring them back and figure this out fairly quickly. >> since you said the markets will have a fit, because i feel like the markets will have a fit if we don't have a deal by the end of next year. dan, what's your take on that? will we see a major selloff...
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Dec 12, 2012
12/12
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KQED
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the stock market took its cues once again from washington and the rhetoric over the fiscal cliff. it was the fifth straight session of gains, with the buyers out at the opening bell. the index lost some momentum around 2:30 eastern time, something traders blame on comments from senate majority leader harry reid. reid said it would be extremely difficult to get legislation averting the fiscal cliff through the senate before christmas. with today's seven-tenths of a percent gain, it brings the index back to a level last seen on election day. for the year, its up 13.5%. trading volume increased to 691 million shares; just over 1.9 billion shares on the nasdaq. the technology sector was back in the leader position, up 1.4%. health care and telecommunications were up 1%. with the tech sector up, apple was helping out as it rebounded a little from its recent sell- off, but on lighter volume. shares rose 2.1%. piper jaffray's apple analyst predicts a more steady stock rally next year, and he's sticking with his $900 price target. it was a pair of business software firms that had the best
the stock market took its cues once again from washington and the rhetoric over the fiscal cliff. it was the fifth straight session of gains, with the buyers out at the opening bell. the index lost some momentum around 2:30 eastern time, something traders blame on comments from senate majority leader harry reid. reid said it would be extremely difficult to get legislation averting the fiscal cliff through the senate before christmas. with today's seven-tenths of a percent gain, it brings the...
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Dec 10, 2012
12/12
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waiting for news on the fiscal cliff and what ben bernanke if he have anything to say about the fiscal cliff after two-day meeting by federal reserve. they are also watching for bond action. i want to touch on something you were saying. mcdonald's, a a contributor to the dow strength. these are contributing, very moderate strength. we are seeing strength and materials, healthcare industrials, that where mcdonald's trades, they are lower today. one of the reasons we were talking about same store sales and mcdonald's being stronger, that is a boost to its stock. but we have seen a pull back, most notably the gap before pressure. disappointed and a number of retailers did. that number is a mixed as we head toward thursday. the retailers on the retail sales figures for the month of november. quickly, touch on one deal today. honeywell making acquisition of intermac. $10 a share. honeywell, it wasn't unexpected. started taking a leg down on that. brian back to you. >> mary, thank you. >>> part of what is giving the market move today along with renewed confidence perhaps. in the chinese econ
waiting for news on the fiscal cliff and what ben bernanke if he have anything to say about the fiscal cliff after two-day meeting by federal reserve. they are also watching for bond action. i want to touch on something you were saying. mcdonald's, a a contributor to the dow strength. these are contributing, very moderate strength. we are seeing strength and materials, healthcare industrials, that where mcdonald's trades, they are lower today. one of the reasons we were talking about same store...
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my next guest says the fiscal cliff is simply y2k fear. joining me now is a chief investment officer. we have had other people talk about it similar to y2k. why do you feel that it is not something to worry about right now, from an investor standpoint. >> first, i think the deal is already settled in was settled a while back. everyone who has negotiated knows that is what goes on. from an investor point of view, i think you will find that the tax rates don't go crazy like everyone thinks. the dividend taxes, for example, you will have 23.5%. all of these captains of industries, what happens when it turned and looked around and say it really was not such a big thing. what will they do? will they go away from dividends and not have anything that has interest. liz: even with a potentially higher tax rate, you are still getting more than 1.6% or 1.7%. >> exactly. look at how many times in history we have had higher dividend taxes. the rate will hit around 20%. it could go as high as 36 or 39%. with that said, 200 companies, roughly, are accele
my next guest says the fiscal cliff is simply y2k fear. joining me now is a chief investment officer. we have had other people talk about it similar to y2k. why do you feel that it is not something to worry about right now, from an investor standpoint. >> first, i think the deal is already settled in was settled a while back. everyone who has negotiated knows that is what goes on. from an investor point of view, i think you will find that the tax rates don't go crazy like everyone thinks....
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Dec 13, 2012
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cliff, while not something to be encouraged, may not be as bad as many had thought, and, certainly, it is not worth making bad policy that will have m r much longer range -- will have much longer range implications. the second issue, another kind of artificial date has been in law for decades, and congress periodically as a part of debate over whether to extend it. it's app interesting debate. there really is no option. you either extend it or you default. default really shouldn't be an option, and it's something that should be avoided at all costs. we put this quick little date in there so that we can have the debate, have a vote, and then extend the debt ceiling as we know we have to. that's fine we have the issue of the debt and deficit in the long run. the issues of real importance because, one, we don't account for our expenditures the way businesses do, the way individuals have to. we get toking the for -- to account for them and ignore many of the long term implications, and if we put them in, it increases the amount of debt that we owe and have promised dray mat -- dramatica
cliff, while not something to be encouraged, may not be as bad as many had thought, and, certainly, it is not worth making bad policy that will have m r much longer range -- will have much longer range implications. the second issue, another kind of artificial date has been in law for decades, and congress periodically as a part of debate over whether to extend it. it's app interesting debate. there really is no option. you either extend it or you default. default really shouldn't be an option,...
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Dec 13, 2012
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. >> they thought that establishing see sequestration and draconian cuts, that is the fiscal cliff. they thought it would force action they were unable to take before. maybe they have put themselves in a position now where they've got to come up with something down the middle and market credible. i'm hopeful. i think the risk is what you describe. >> neil: we'll watch what happens. minutes away from speaker boehner meeting with the president. what is expected? what to expect by the end of the year? steny hoyer on whether we could be any closer to the deal. he is next. for the holidays. .. >> neil: we're hearing that speaker boehner is going to be en route to the white house soon. it's not far to his offices. i assume he can run the lights. but i don't know that. the house minority maryland democrat steny hoyer. how are you doing. >> thank you. good to be with you. >> neil: do you know anything about the meeting, what could or couldn't happen? >> no, i don't know anything more than you. it's a positive sign that the president and john boehner are sitting down. i've talked to both-of-
. >> they thought that establishing see sequestration and draconian cuts, that is the fiscal cliff. they thought it would force action they were unable to take before. maybe they have put themselves in a position now where they've got to come up with something down the middle and market credible. i'm hopeful. i think the risk is what you describe. >> neil: we'll watch what happens. minutes away from speaker boehner meeting with the president. what is expected? what to expect by the...
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Dec 12, 2012
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we have takes on the morning spesh especially with the all important fiscal cliff. he says he didn't mind when there is gridlock. when the government does something it usually ends up in gridlock anyway. but jiamie dimon says the government has do much. >> we have moral authority around the world. let's just do it. the table is set very well right now. corporations, middle market companies, small business in good shape. 5 million more people working than four years ago. housing turned the corner. let's just keep it going. >> we heard from ceo of gold man sacks saying if this were a business man manner there would be no tripping of the fiscal cliff at the end of the year but also made interesting comments about goldman sacks reputation. here is how he categorized it. >> we started from scratch. no one knew who we were or what we did. and shame on us in hindsight we let other people define us and nobody knew what we attributed to the economy and jobs growth creation. we were slow off the mark because we hadn't really developed that sense. >> for goldman sachs, the pre
we have takes on the morning spesh especially with the all important fiscal cliff. he says he didn't mind when there is gridlock. when the government does something it usually ends up in gridlock anyway. but jiamie dimon says the government has do much. >> we have moral authority around the world. let's just do it. the table is set very well right now. corporations, middle market companies, small business in good shape. 5 million more people working than four years ago. housing turned the...
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Dec 10, 2012
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i do think getting over the fiscal cliff, the deal getting closer to balance the budget is still very important. i do hope because of the discussion that tax reform is something that is taken seriously for this year. i think that is well overdue. there is not time to do it before december 31. it will give businesses a lot of assurances that the government is paying attention to what they are saying. >> you should tell barack obama to find a jim baker. >> think about each time we have reached a crisis point in our anntry there's been institutional response to tit. we created a central bank. that has proved to be enormous for the past five years and important for years before that. post-world war ii, we create a system and the department of homeland security. i wonder if there's not an institutional -- >> some did not work as well as others. >> that is exactly right. it reflects our values and the focus of the government'. we should have a department of homeland prosperity. we need somebody other than the aboutent to think american competitiveness. something we've taken for granted beca
i do think getting over the fiscal cliff, the deal getting closer to balance the budget is still very important. i do hope because of the discussion that tax reform is something that is taken seriously for this year. i think that is well overdue. there is not time to do it before december 31. it will give businesses a lot of assurances that the government is paying attention to what they are saying. >> you should tell barack obama to find a jim baker. >> think about each time we...
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Dec 12, 2012
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. >> coming up, the last fed decision of the year and the final one before the fiscal cliff deadline. stay tuned for breaking news coverage of the fed decision on interest rates. it's a cnbc special report, and it's starts after this short break. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place. i'm meredith stoddard and i helped create the fidelity guided portfolio summary. it's one more innovative reason serious investors are choosing fidelity. now get 200 free trades when you open an account. ♪ ♪ ♪ [ male announcer ] while you're getting ready for the holidays, we're getting ready for you. tis the season. for food, for family, and now, something extra -- for you. come pre-filled with problems. enough is enough. introducing the chase liquid reloadable card. with chase liquid, there's no waiting and no fee to activate you can load cash and checks at any chase depositfriendly atm and th
. >> coming up, the last fed decision of the year and the final one before the fiscal cliff deadline. stay tuned for breaking news coverage of the fed decision on interest rates. it's a cnbc special report, and it's starts after this short break. but we can still help you see your big picture. with the fidelity guided portfolio summary, you choose which accounts to track and use fidelity's analytics to spot trends, gain insights, and figure out what you want to do next. all in one place....
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Dec 11, 2012
12/12
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congress needs something to get something on paper. no news might be good news, if you want a deal as both sides work behind the scenes to find a way to avoid the so-called fiscal cliff. >>> it's a family affair. the macks are here. they're both leaving congress next year, not on their own terms but not before trying to figure out our fiscal future and even they don't agree on what to do. >>> plus, a major fight over the role of labor and their power. it all unfolds in michigan. is it the new wisconsin? find out what is driving the big change in the state. that's home to one of the most powerful unions out there. the united auto workers. good morning from washington, tuesday, december 11th, 2012. i'm chuck todd. one of those times in washington when the less that is said the better the news may be, that is if you hope lawmakers and the president come to an agreement on a verdict in this so-called fiscal cliff. we know some of you don't want to deal, but the president has no public events today and not many planned for this week. many a
congress needs something to get something on paper. no news might be good news, if you want a deal as both sides work behind the scenes to find a way to avoid the so-called fiscal cliff. >>> it's a family affair. the macks are here. they're both leaving congress next year, not on their own terms but not before trying to figure out our fiscal future and even they don't agree on what to do. >>> plus, a major fight over the role of labor and their power. it all unfolds in...
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as far as the fiscal cliff. were talking about using something is coming, you think that is good news. >> there is always the inside game and the outside game. they will talk to their base and their constituents. they have to get something by the 18th which is next tuesday so they can vote an on it. the matter what it is, something will be coming out of there. nicole: something will be better than nothing out of washington. that is the latest. he sounds pretty happy at least at the moment. today he is positive. tracy: here is a glass half full. we will take it. ashley: thanks, guys. looking at the old tea leaves of what is going to happen with speaker boehner taking the house floor with 20 days until we fall off the fiscal cliff he says it is time for president obama to get serious. really? rich edson in d.c. for all of this. >> actually somebody has to be positive, right? in d.c. we are not getting it right now. sources are looking at these meetings and saying there is essentially no move in it the last couple
as far as the fiscal cliff. were talking about using something is coming, you think that is good news. >> there is always the inside game and the outside game. they will talk to their base and their constituents. they have to get something by the 18th which is next tuesday so they can vote an on it. the matter what it is, something will be coming out of there. nicole: something will be better than nothing out of washington. that is the latest. he sounds pretty happy at least at the...
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all right, do you think we are headed off the fiscal cliff? let us know. give us an e-mail at gerri@foxbussiness.com. >> coming up on "the willis report", tax dollars have bailed out these workers. we have the shocking findings of a new report coming up next. also, for those fed up with apple's disaster mapping system, google maps is back in business for your iphone. details coming up later. also, they say no news is good news. but this you will definitely want to hear. new evidence of obamacare doing more harm than good to your bottom-line. we will have the latest and we are on the case next in "the willis report." speed. tracy: fannie mae and anyone sparking outrage over six-figure salaries. many executives are raking in serious money. these agencies have accrued $138 billion in taxpayer funding. they still owe us $137 billion of that. for more on this, let's bring in rich edson. a former executive vice president. he is now president and fellow -- excuse me, resident fellow at the american enterprise institute. these salaries are really bothering a lot o
all right, do you think we are headed off the fiscal cliff? let us know. give us an e-mail at gerri@foxbussiness.com. >> coming up on "the willis report", tax dollars have bailed out these workers. we have the shocking findings of a new report coming up next. also, for those fed up with apple's disaster mapping system, google maps is back in business for your iphone. details coming up later. also, they say no news is good news. but this you will definitely want to hear. new...
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time for the daily fiscal cliff update as much as i am bored to tears with this story. bored. bored horrible. they will get something done. or they're not. tenth days from potential economic crisis leading republicans warn lawmakers no one is leaving washington, dc, for the holidays, until a deal is done. that would probably include wendell. who is the grinch? >>reporter: house majority cantor who is predicting lawmakers may stay until christmas and come back between christmas and new years. doesn't seem to have been much progress since the first post election face-to-face talks between the president and speaker boehner on sunday but aides say the president is eager for a compromise but at the same time they defended his public prediction that speaker boehner will give up trying to extend the public administration's upper income tax cuts. >> the president predicted the speaker boehner would not want to hold a position and that republicans in general would not want to maintain a position that would result in everyone's taxes going up because of their insistence that the wealthi
time for the daily fiscal cliff update as much as i am bored to tears with this story. bored. bored horrible. they will get something done. or they're not. tenth days from potential economic crisis leading republicans warn lawmakers no one is leaving washington, dc, for the holidays, until a deal is done. that would probably include wendell. who is the grinch? >>reporter: house majority cantor who is predicting lawmakers may stay until christmas and come back between christmas and new...
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. >> some say it's not the end of the world if we go over the fiscal cliff but some say it could thrust us back into recession. what do you think will happen? >> i don't think there's a cliff in the sense that all of a sudden tomorrow something dramatic happens. i think stock markets sometimes react quickly, but for the most part, whether it's going to be a recession or not is a much more long, drawn-out process. but i would say that it's not a good idea to raise anyone taxes and that the marketplace does not differentiate whether you take the money from rich people, poor people or middle class. the marketplace says if you are going to take $800 billion, are you taking it out of the private sector, the productive sector, and are you going to give it to the nonproductive sector in washington? basically the sector of people who are always messing up things in the marketplace? are you going to do that? if you are going to do that, it's a bad idea no matter whether it's rich people, middle class or poor. doesn't matter. if you take money out of the private sector, it's a bad idea. >> well,
. >> some say it's not the end of the world if we go over the fiscal cliff but some say it could thrust us back into recession. what do you think will happen? >> i don't think there's a cliff in the sense that all of a sudden tomorrow something dramatic happens. i think stock markets sometimes react quickly, but for the most part, whether it's going to be a recession or not is a much more long, drawn-out process. but i would say that it's not a good idea to raise anyone taxes and...
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we talked about fiscal cliff having problems, not having the tools to deal with the fiscal cliff. the fed not having it, should we go over that. there we are dealing with the aftermath. remember something folks, september 14 is the high for the s&p this year. you know why that is important in september 13 is the fed meeting. they bought into the fed meeting and sold right after that, sue. and they are doing that again today. we are repeating what happened just a few months ago. i think that's why it is very important. elsewhere, defense stocks. here is a group that's very worried about frustration when mr. bernanke started getting tampered with questions on the fiscal cliff. you saw the defense stocks move down. very rare miss in home builders. they had disappointing earnings and that has not happened much in the last couple quarters with home builders. >> certainly hasn't been. bob, i will see you later. >> commodities taking a hit after the fed's move. oil is down, gold is dropping below the 1700 level. sharon is at the nimex with a $20 loss in gold, sharon? >> fading quickly fr
we talked about fiscal cliff having problems, not having the tools to deal with the fiscal cliff. the fed not having it, should we go over that. there we are dealing with the aftermath. remember something folks, september 14 is the high for the s&p this year. you know why that is important in september 13 is the fed meeting. they bought into the fed meeting and sold right after that, sue. and they are doing that again today. we are repeating what happened just a few months ago. i think...
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. >> once you get to the fiscal cliff there is a clear innovation agenda. and the conditions we will have as a result of the fiscal cliffs did get out that. the first one will be immigration. we agreed and a lot of people say how are we going to compete with china and we can have the entire world at our disposal. under which the best people in the world can come to the u.s. and start businesses. >> then we have to focus on a special in the corporate tax reform to get the system which is simpler and promotes efficiency and these are for american businesses. then we have to and that will -- efficiency will be enormous. the next is an infrastructure investment to be made. in the context of the budget deal we are getting where we will spend less going forward. we have to think about what our values are and the most important things we can spend money are on infrastructure to make investments in the future rather than have short-term spending. and twin that with support for research, basic research and higher education and for education. if government does that
. >> once you get to the fiscal cliff there is a clear innovation agenda. and the conditions we will have as a result of the fiscal cliffs did get out that. the first one will be immigration. we agreed and a lot of people say how are we going to compete with china and we can have the entire world at our disposal. under which the best people in the world can come to the u.s. and start businesses. >> then we have to focus on a special in the corporate tax reform to get the system...
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he talks about the fiscal cliff, affordable care act in laying the groundwork for the 2013-2014 elections. >> why a writers institute? >> i think it is something that is very important. we are a culture of words, of voices. words are a key to our imagination, our capacity to imagine things. we are not completely tied to print on the page. there is no other art form so readily accessible other than perhaps soma, which we work with, too. there is something in literature that captures the human. . the >> joint american history television and c-span local content vehicles as we look behind the scenes of a letter lives of new york city. >> next you hear from bradley manning's attorney about his case. he is accused of leaking classified documents to the web site wikileaks. the trial is under way in maryland. he testified earlier on the conditions he has experienced since being detained in iraq. this is half an hour. >> i really appreciate the turn out here, especially the turn of by the press. thank you for that. i have not participated in any public event for today. i also avoid any interviews
he talks about the fiscal cliff, affordable care act in laying the groundwork for the 2013-2014 elections. >> why a writers institute? >> i think it is something that is very important. we are a culture of words, of voices. words are a key to our imagination, our capacity to imagine things. we are not completely tied to print on the page. there is no other art form so readily accessible other than perhaps soma, which we work with, too. there is something in literature that captures...
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cliff clock. is that spurring people to get off of the sidelines and trade stocks? they see any change or trend? >> reality on something like that, and the entire market was well aware of where obama was headed and once he won the election it was a reaction in the market. the client base is difficult to make the right decision, you don't know what the facts are. will be a question later on. there has not been a lot of trading in dividend stocks and because of the reason for that, an overriding concern what is going on with the fiscal cliff. people waiting to find out what is going to happen. liz: from your perspective and you guys are among the biggest, you're not seeing people jumping in and saying these companies are paying out early dividends. >> as far as our client buying or selling, no. the rationale is simple. you don't know what the rate is going to be an don't know what your tax is going to be and if that is the reason you bought the stock to begin with it might make sense if it goes up 5
cliff clock. is that spurring people to get off of the sidelines and trade stocks? they see any change or trend? >> reality on something like that, and the entire market was well aware of where obama was headed and once he won the election it was a reaction in the market. the client base is difficult to make the right decision, you don't know what the facts are. will be a question later on. there has not been a lot of trading in dividend stocks and because of the reason for that, an...
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those mammoth gains tell me that that has been fiscal cliff related as people go to their tax adviser and realize -- you know what? or get the register ringing. part of the selling in gap is a lot of people taking profits at the same time. something that will end when capital gains rates go up in a couple of weeks. and i was formulating in my own head, that once we get the higher tax rates, you don't want to sell anything, and then you have to pay the taxman more. psychologically, you might be inclined to hold on. back on november 29th, the company came out with monthly same-store sales and considered disappointing. it was looking for a 3.8% rise and there was only an increase of 3%. and negative comments about increased promotional activity at old navy, and these two things got the sell-off ball rolling. to me, the idea of dumping gap because november was a bit worse than expected is insane. first of all, this november was a real a abhor ant month. you had unseasonably warm weather on the west coast, sandy on the east coast, and these numbers are notoriously choppy. don't give you a
those mammoth gains tell me that that has been fiscal cliff related as people go to their tax adviser and realize -- you know what? or get the register ringing. part of the selling in gap is a lot of people taking profits at the same time. something that will end when capital gains rates go up in a couple of weeks. and i was formulating in my own head, that once we get the higher tax rates, you don't want to sell anything, and then you have to pay the taxman more. psychologically, you might be...
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going over the fiscal cliff is not good for anyone. it bothers me sometimes if i hear people on both the left and the right entertain this is something that might be good politics. may be good politics for somebody, but it's bad economics for the american economy and more important for people looking for a job and people trying to hold on to a job. >> last question. i want to go back to the premise that you and other republican members of the house would be willing to allow that top tier tax rate to go higher. you know, speaker boehner's argument all this time is that it doesn't effect just those top-earning americans, but it also effects the small business owners in this country. the job creators in this country. >> the speaker's right about that. >> is that valid anymore? >> i'm not willing to -- i don't want to raise those. >> but you're willing to at least talk about it right now? >> they go up automatically. the sun's going to come up in the east tomorrow morning and set in the west. doesn't mean i had a darn thing to do with it c
going over the fiscal cliff is not good for anyone. it bothers me sometimes if i hear people on both the left and the right entertain this is something that might be good politics. may be good politics for somebody, but it's bad economics for the american economy and more important for people looking for a job and people trying to hold on to a job. >> last question. i want to go back to the premise that you and other republican members of the house would be willing to allow that top tier...
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. >> some say it's not the end of the world if we go over the fiscal cliff but some say it could thrust us back into recession. what do you think will happen? >> i don't think there's a cliff in the sense that all of a sudden tomorrow something dramatic happens. i think stock markets sometimes react quickly, but for the most part, whether it's going to be a recession or not is a much more long, drawn-out process. but i would say that it's not a good idea to raise anyone taxes and that the marketplace does not differentiate whether you take the money from rich people, poor people or middle class. the marketplace says if you are going to take $800 billion, are you taking it out of the private sector, the productive sector, and are you going to give it to the nonproductive sector in washington? basically the sector of people who are always messing up things in the marketplace? are you going to do that? if you are going to do that, it's a bad idea no matter whether it's rich people, middle class or poor. doesn't matter. if you take private sector, it's a bad idea. >> well, it's not as thoug
. >> some say it's not the end of the world if we go over the fiscal cliff but some say it could thrust us back into recession. what do you think will happen? >> i don't think there's a cliff in the sense that all of a sudden tomorrow something dramatic happens. i think stock markets sometimes react quickly, but for the most part, whether it's going to be a recession or not is a much more long, drawn-out process. but i would say that it's not a good idea to raise anyone taxes and...
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my question to you as a progressive is, republicans want something big. is there any big concessions you can see acceptable? >> new york city i really can't. and the kind of things we are talking about, even if they're not -- may not be acceptable to me ever but talking about a version of the changed cpi, the president already said social security is off the table because it is not driving the deficit. that's kind of weird. changes to medicare eligibility again or changes to medicare payments or whatever, it's really complicated to negotiate but i have to say i agree with you, steve. i'm -- i wish that the president hadn't taken the 14th amendment off the table because we're all saying, well, nothing should be off the table. why is that off the table and even if it's tough thing to pull off in the long run? i think that this mania for a fiscal cliff deal is disturbing but i think the president could say -- promise virtually anything at this point. i don't think he gets a deal because john boehner has crazy member who is will never let him to agree to the
my question to you as a progressive is, republicans want something big. is there any big concessions you can see acceptable? >> new york city i really can't. and the kind of things we are talking about, even if they're not -- may not be acceptable to me ever but talking about a version of the changed cpi, the president already said social security is off the table because it is not driving the deficit. that's kind of weird. changes to medicare eligibility again or changes to medicare...
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there's been all this talk about the fiscal cliff. we know it is fact approaching. we know it is something that would threaten not only the united states economy, but the economies around the globe. if we go over that cliff, there will be steep cuts and spending and steep tax increases that would automatically kick in. what we're doing here today is talking to our elected officials, talking to people who are involved in these talks, trying to figure out what will happen, where we are and if there's any way to avoid that cliff, if there's a good way to come about with tax reform and a close look at what's been happening on the spending side, as well. we have a lineup of a lot of gets who are here. joining us this morning, early on we'll be joined by representative jeb henserling. he will give us on some of the insight on what is happening. we're talking to senators this morning. senator ron johnson will be joining us. and grove er nordquist. he is rite in the center of this base. a lot of people see him as a huge part of the problem. if you want to get something solv
there's been all this talk about the fiscal cliff. we know it is fact approaching. we know it is something that would threaten not only the united states economy, but the economies around the globe. if we go over that cliff, there will be steep cuts and spending and steep tax increases that would automatically kick in. what we're doing here today is talking to our elected officials, talking to people who are involved in these talks, trying to figure out what will happen, where we are and if...
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cliff deal. he joins us exclusively later on "the closing bell." stay tuned. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. you won't just find us online, you'll also find us in person, with dedicated support teams at over 500 branches nationwide. so when you call or visit, you can ask for a name you know. because personal service starts with a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... i'm with scottrade. >>> one of the most bizarre man hunts in recent memory is coming to an end in central america, we think. wealth editor robert frank has the latest details on the arrest of john mcafee. >> ye
cliff deal. he joins us exclusively later on "the closing bell." stay tuned. [ male announcer ] this december, remember -- ♪ you can stay in and like something... ♪ [ car alarm deactivates ] ♪ ...or you can get out there with your family and actually like something. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. you won't just find us online, you'll also find us in person, with dedicated...
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its controversial tax credit could go over the fiscal cliff. >> when swind placed on the surface of the earth, you can get something like 20 times the amount of power that civilization now uses. >> reporter: ken caldera authored a new study that claims wind is the way. >> the wind you can't power civilization on wind today has to do with economics and engineering. >> reporter: he points for history. >> one of the reasons why fossil fuels are cheap is that they have received large subsidies from the federal government. >> reporter: right now wind power gets a subsidy, too. $1 billion a year from uncle sam. but that could vanish december 31st when the country hits the fiscal cliff. to caldera, that's the short-run risk. in the long run, he sees a clear, if not political pristine, path to more reliance on wind power. >> i think we'll eventually get to the point where we see a need for technologies that can provide energy, essentially forever, with minimal environmental cost. >> a final check on the markets when we return after this. ♪ ♪ ♪ ♪ [ male announcer ] 'tis the season to dis
its controversial tax credit could go over the fiscal cliff. >> when swind placed on the surface of the earth, you can get something like 20 times the amount of power that civilization now uses. >> reporter: ken caldera authored a new study that claims wind is the way. >> the wind you can't power civilization on wind today has to do with economics and engineering. >> reporter: he points for history. >> one of the reasons why fossil fuels are cheap is that they have...
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together to avoid the so-called fiscal cliff, the disastrous i ask unanimous consent sequences of our not acting, tax increases for every american taxpayer, massive cuts to defense at a time when the threats around the world are as varied and as great as we've seen in a long time. other essential programs of the federal government being affected by that. that's the last thing we need in this tepid economy with a lot of people out of work and hoping for some consensus to come together to provide a -- a long-term solution to our fiscal problem that continues to have a negative effect on our economy and more importantly, keeps people out of work. and so as that clock ticks, some are saying, well, partisanship is just too great in washington. the country's too divided. we're not going to be able to reach a consensus here in terms of how to address this problem. i disagree with that. over the last two years, and more, we have had a number of proposals brought forward on a bipartisan basis. it started with simpson-bowles, the former chief of staff to president clinton and al for a lon time,
together to avoid the so-called fiscal cliff, the disastrous i ask unanimous consent sequences of our not acting, tax increases for every american taxpayer, massive cuts to defense at a time when the threats around the world are as varied and as great as we've seen in a long time. other essential programs of the federal government being affected by that. that's the last thing we need in this tepid economy with a lot of people out of work and hoping for some consensus to come together to provide...
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frankly the fiscal cliff, josh and i have talked about this, wouldn't cause me to do anything. i don't run my fort folio purely for tax consequences. if something's near your price target and you're a holder, then you want to sell. but truth of the matter is is that it's not going to affect that many people. you're talking about what's not a huge increase in terms of the capital gains on a percentage basis. go from 20% to 25% is not that big of deal if you're looking for 30% upside in a name. >> there are people who are selling stocks based on an expected rise in the capital gains rate. >> it may be a huge mistake. >> why not sell and buy it back? >> because then you're pushing your taxes you're paying forward. those taxes that you're paying, you're losing use of that capital for compounding. that's why you don't do it. if you're in the upper, upper brackets maybe you want to consider it. >> let me push back on sprint. there was news david faber was talking about. this sprint/clearwire deal is closer. that doesn't change -- >> not at all. a distant third in a two horse race. i
frankly the fiscal cliff, josh and i have talked about this, wouldn't cause me to do anything. i don't run my fort folio purely for tax consequences. if something's near your price target and you're a holder, then you want to sell. but truth of the matter is is that it's not going to affect that many people. you're talking about what's not a huge increase in terms of the capital gains on a percentage basis. go from 20% to 25% is not that big of deal if you're looking for 30% upside in a name....
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cliff and the negotiations that the letter can be sent and it wouldn't draw greta's attention. >> greta: does senator harry reid have the authority to delay the imp levellation? >> no, this is something that they definitely have to ask the departments and agencies not to implement. >> greta: does this go to hhs? >> i am guessing. who is it addressed to? >> greta: harry reid. the fix is in for the medical device community, i am going to say it. they want a special deal. they have gone to the democratic senators and now suddenly, they want a special deal out of it -- it's appalling. >> we don't add up all the taxes that are coming. the more -- that's why we repealed it and the whole health care bill -- >> greta: one of the taxes is the estate tax, that's the poor farmer who wants to give his farm or ranch to his heirs. >> you know that's a personal story with me. >> greta: oh, yeah. indeed, it is. >> what this is going to do, if we allow this to expire to go to a $1 million and 55% rate, 70% our farms in south dakota will be hit -- >> greta: but you problem is, you don't have a lobbyist.
cliff and the negotiations that the letter can be sent and it wouldn't draw greta's attention. >> greta: does senator harry reid have the authority to delay the imp levellation? >> no, this is something that they definitely have to ask the departments and agencies not to implement. >> greta: does this go to hhs? >> i am guessing. who is it addressed to? >> greta: harry reid. the fix is in for the medical device community, i am going to say it. they want a special...
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the way we can avoid the fiscal cliff, which i think we need to avoid is to go with something like -- we are all dying out here in traffic chance of both ends of the day. if we use satellite computer technology to analyze, prioritize commack and design. the 163% one is also dangerous. two men have been killed of their in the past three years. in the first years of its existence it was considered one of the most accident prone and the stages. host: you think this should be at the top of the fiscal cliff negotiations right now? caller: yes, because it would put a lot of people to work with our infrastructure. we have a big problem with our infrastructure. traffic is deplorable. up in's lives are going smoke. host: tony is from fort worth, texas. welcome to "the washington journal." caller: i think this a compromise because if they do not compromise and go over the cliff, this will set the standard for the next four years. i worked -- i voted for president obama, but i was also afraid he could not get anything done at the last four years. i believe that if they really want to put the ame
the way we can avoid the fiscal cliff, which i think we need to avoid is to go with something like -- we are all dying out here in traffic chance of both ends of the day. if we use satellite computer technology to analyze, prioritize commack and design. the 163% one is also dangerous. two men have been killed of their in the past three years. in the first years of its existence it was considered one of the most accident prone and the stages. host: you think this should be at the top of the...
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he'll tell you why the fiscal cliff has him doing that a lot harder than ever. americans are always ready to work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ >>> welcome back to "street signs." i'm sharon epperson. take a look at how u.s. markets interpreted what the ecb did earlier today, cutting its european growth outlook. we saw the dollar strengthen. that has weighed on commodity prices. energy prices in particular across the board with the wti contract closing at a three-week low. we're looking at pressure across the board in the energy sector. that's good news for people driving over the holidays. we're looking at gas prices coming down. futures market and prices at the pump, only ten cents higher than a year ag
he'll tell you why the fiscal cliff has him doing that a lot harder than ever. americans are always ready to work hard for a better future. since ameriprise financial was founded back in 1894, they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your...
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196
Dec 11, 2012
12/12
by
CNBC
tv
eye 196
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it may not entirely show itself in this fiscal cliff fix, but the fix may be coming. i'm kudlow. we'll be right back. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> u.s. tax dollar funded battery marker a-123 systems is up for sale. the winning bid goes to -- china. so i asked was red china rising why u.s. taxpayers have to finance their battery companies. here's ann lee, author of "what the u.s. can learn from china," professor of nyu and visiting professor from beijing university and author kwof "death by china" and cnbc contributor. ann, let me go to you first. if we, the u.s. taxpayer and government are dumb enough to build a goofy battery company that goes bankrupt why shouldn't china scoop it up? >> i think this is a great story. first of all, taxpayer money wasn't wasted. all that money from the gov
it may not entirely show itself in this fiscal cliff fix, but the fix may be coming. i'm kudlow. we'll be right back. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> u.s. tax dollar funded battery marker a-123...
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80
Dec 10, 2012
12/12
by
CSPAN
tv
eye 80
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the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche? could you elaborate about that kind of threat? >> would you mind if i steal that from you? i will give you credit. i think it is right. i do think -- that is why what you're doing now is so important. this is a once in a generation opportunity for you to nail these things down. we're not that far apart. i really do not think we are. if you are able to put us on a credible path to fiscal sustainability, do it in a balanced way, i think we are golden. i think we will avoid that avalanche. if we do not do that, ultimately, it means we will never do it until we're forced by
the cliff is something we are approaching now and we can see where it is. we know will hit the cliff. the avalanche is different. the only thing you know about avalanches, you know when the conditions are present. you know when the snowpack has built up to the point where it could happen. you do not know when it is going to happen, you just know it is coming. once it hits you, the avalanche becomes completely impossible to control. do you agree with this characterization about the avalanche?...